WASHINGTON -(Dow Jones)- Markel Corp. (MKL) said it
received a subpoena from the Securities and Exchange Commission as part of
the SEC's industrywide probe into loss- mitigation insurance products.

The Richmond, Va., insurance company said in a
quarterly report filed with the SEC after Wednesday's market close that
the subpoena seeks documents related to Markel's transactions in
securities of Fairfax Financial Holdings Ltd. (FFH) and "non-traditional
product" transactions between Markel and Fairfax Financial.

Markel said it received the subpoena in late October
from the SEC's Northeast regional office.

The company said it "has not historically purchased
or sold finite reinsurance products or used other structures which would
have the effect of discounting loss reserves."

Markel said it is "fully cooperating with the SEC
request and does not believe it has any transactions with Fairfax meeting
the SEC's definition of 'non- traditional products.'"